Diesel Prices Soar to Record High Amid Global Energy Crisis
The global energy market is reeling from a perfect storm of disruptions and conflicts that have pushed diesel prices to record highs. The average price for a gallon of diesel was around $6.43 as of Friday, according to GasBuddy.
This historic increase comes amid continued disruption in the Strait of Hormuz, sparked by the U.S.-Israeli attack on Iran in February, and Russia's ongoing invasion of Ukraine, which has led to long-range Ukrainian attacks on Russian oil facilities.
The sustained increases in oil and diesel prices have prompted concerns of rising costs across all sectors of the economy, from fuel and energy costs for drivers and homeowners to increased prices of food and travel as producers and companies grapple with narrowing margins.